NBA LEASE SUMMARIESNba Lease • July 29th, 2013
Contract Type FiledJuly 29th, 2013$7 million for the land. The Phoenix Suns contributed $55 million. The city has a 30-year commitment from the Suns to repay a portion of the contribution at $500,000 per year, with an annual 3% increase. The city will also receive 40% of revenue from luxury boxes and advertising.
NBA LEASE SUMMARIESNba Lease • July 29th, 2013
Contract Type FiledJuly 29th, 2013This Agreement shall commence on the date of substantial completion of the arena or parking facilities (whichever occurs first) and shall expire on the twenty-fifth (25th) anniversary of the date of substantial completion of the arena. – Statement of Purpose
NBA LEASE SUMMARIESNba Lease • July 29th, 2013
Contract Type FiledJuly 29th, 2013The city spent $20 million on the land for the arena. The sports authority sold $182 million in bonds to build the arena and secured $125 million of that with money from hotel and car rental taxes. The garage project is paid for by a private business. The Rockets are responsible for cost overruns and have pledged to spend $20 million on enhancements.